IFC organises Africa-Asia roadshow to foster cooperation, joint investment opportunities

The IFC has spearheaded an initiative to promote south-south cooperation, peer-learning, and joint ventures in the textile, apparel, and footwear sectors through an Africa-Asia roadshow. 

With developing countries contributing the largest share in this rapidly growing segment, which is projected to reach $4.4 trillion by 2030 from $2.2 trillion in 2018, the roadshow aimed to facilitate meaningful cross-regional engagement, encourage low-carbon development, share know-how and technology, and uplift communities, said a press release.

Under the initiative, a delegation of 25 chief executive officers (CEOs) and founders from major African and central Asian textile, apparel, and footwear companies, accompanied by representatives from prominent global brands, visited Bangladesh from June 18 to 19. 

This initiative has garnered strong support from industry leaders. One of the participating CEOs, M. René Silué, Managing Director of Compagnie Ivoirienne pour le Dévelopement des Textiles (CIDT) in Côte d'Ivoire, remarked: "This roadshow is a great opportunity for us at CIDT, to connect with our peers in South Asia, exchange insights, and explore possibilities for collaboration. We believe that by working together, we can create mutually beneficial relationships that will propel our businesses forward."

"We are thrilled to see a part of this roadshow as it helped us learn about the best practices of brands and factories in the ready-made garments industry. We hope to work together and foster our partnership in the future through effective collaborations," said Kamola Nabieva, Main Specialist, UzTextileProm Association, Uzbekistan. 

"South Asia is one of the best examples of where more and better jobs have created profound change in people's lives. Collaboration with Bangladesh is an opportunity for African businesses to capture more of these jobs, leveraging one of the fastest growing workforces in the world, coupled with world-class infrastructure. There is also an opportunity for transferring skills, connecting expertise, and improving market access – for which IFC has been supporting the manufacturing sector in Africa," said Kyle Kelhofer, IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo, based in Accra, Ghana.

"Over the years, IFC has invested more than $7 billion in all sectors of the economy in Bangladesh. The world-class manufacturing sector is the backbone of this amazing country. Bangladesh has a strong internal market, as well as an incredible ready-made garment (RMG) export market, which is already approaching $50 billion a year," said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan, and Nepal. 

"In the RMG space, IFC and our partners have worked with more than 400 factories, helping improve resource efficiency, labor standards, decarbonization and more, with the garments sector being at the forefront of the green economy in Bangladesh. Moving forward, the real growth and development potential is in Asia and Africa. To make the most of this potential, we need stronger cooperation between emerging markets. Direct exchanges between leading entrepreneurs from Asia and Africa will help  build collaboration  and create  stronger supply chains. IFC will support this cooperation as a partner and an investor," he added.

"Over the years, IFC has invested more than $7 billion in all sectors of the economy in Bangladesh. The world-class manufacturing sector is the backbone of this amazing country. Bangladesh has a strong internal market, as well as an incredible ready-made garment (RMG) export market, which is already approaching $50 billion a year," said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan, and Nepal. 

"In the RMG space, IFC and our partners have worked with more than 400 factories, helping improve resource efficiency, labour standards, decarbonisation and more, with the garments sector being at the forefront of the green economy in Bangladesh. Moving forward, the real growth and development potential is in Asia and Africa. To make the most of this potential, we need stronger cooperation between emerging markets. Direct exchanges between leading entrepreneurs from Asia and Africa will help build collaboration and create stronger supply chains. IFC will support this cooperation as a partner and an investor," he added.